If there is a silver lining in the current economic situation it’s the fact that the law of supply and demand is alive and well in Vancouver, Washington. If you own rental property in Vancouver, you are in good shape to make profit–and sometimes quite handsomely–on the current rental market. The truth is that people need places to live, and when there aren’t enough places for people to live, that law of supply and demand kicks in. Only in the Vancouver area, it’s working overtime with lots of people looking for places to live and not enough places to rent. This can only mean that owners can reap good profits on their rental properties.
One of the biggest problems with this situation is that there aren’t enough available homes or apartments in the immediate Vancouver area, so this forces renters to pay higher prices or move from the area. For owners who are considering this option for their properties, time couldn’t be better. This doesn’t mean, however, that you can get these top dollars for mindlessly throwing out junk and expecting top dollar returns.
Regardless of what properties you decide to offer potential renters, there needs to be perceived value. Despite the properties available for rent being slim pickings, renters won’t pay much more than what they see as the true value of the property.
One of the most valuable assets anyone in the rental game has, whether they be a renter or property owner, is a property manager. Property owners have their fingers on the rental market pulse, being able to quickly discern values as compared to what potential renters will pay for places to live. Further, once a rental property is entrusted to a property manager, the representatives of that firm are in a position that allows them to more effectively market the properties under their control to those who come to them with their rental needs.
Another benefit of having a property manager representing you during an economic situation as we have now is that whether things change or for the foreseeable future remain the same, he can work with you to make sure that costs are kept under control so that renters remain happy while at the same time maximizing returns. After all, even if you have happy renters, there are always greener pastures for them, even if they pursue them at the price of higher rents. Further, when a renter’s options include a move to be closer to their work or school, shopping, lower rents, and others, renters can be gone in a heartbeat.
Whether you have offered your property as a rental or not, chances are good that you have already considered all of these factors, and although the economic picture of the moment is favorable to property owners, things can become very fluid very quickly. As a result, you should consider hiring a professional property manager to maximize your rental returns while you can. Not only will it benefit you from a financial perspective, but the goodwill you will achieve when things are difficult for renters will pay handsome benefits when things get rough when the market changes.